Kopernik Annual Report 10 31 14 Web Ready PDF

The Advisors Inner Circle Fund II
Kopernik Global All-Cap Fund

Annual Report October 31, 2014
Investment Advisor:
Kopernik Global Investors, LLC
THE ADVISORS INNER CIRCLE FUND II KOPERNIK GLOBAL
ALL-CAP FUND
OCTOBER 31, 2014
TABLE OF CONTENTS
Shareholders Letter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Management Discussion of Fund Performance . . . . . . . . . . . . . . . . . . . . . 4
Schedule of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Statement of Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Statement of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Statement of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Report of Independent Registered Public Accounting Firm . . . . . . . . . . . 32
Disclosure of Fund Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
Trustees and Officers of The Advisors Inner Circle Fund II . . . . . . . . . . 36
Notice to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
The Fund files its complete schedule of investments of Fund holdings with the Securities
and Exchange Commission (SEC) for the first and third quarters of each fiscal year on
Form N-Q within sixty days after period end. The Funds Form N-Q will be available on
the SECs website at http://www.sec.gov, and may be reviewed and copied at the SECs
Public Reference Room in Washington, DC. Information on the operation of the Public
Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that the Fund uses to determine how to vote
proxies relating to fund securities, as well as information relating to how a Fund voted
proxies relating to fund securities during the most recent 12-month period ended
June 30, is available (i) without charge, upon request, by calling 1-855-887-4KGI; and
(ii) on the SECs website at http://www.sec.gov.
ALL-CAP FUND
OCTOBER 31, 2014 (Unaudited)
Dear Fellow Shareholders:

It has been quite a year! The Fund started exactly one year ago, on November 1, 2013.
By October 31, 2014 it had grown to almost $1 billion. Thank you all for your support!
Kopernik Global Investors is designed to put investor interests first. We are committed to
maintaining a manageable size of assets under management, employee investment in the
funds, an employee owned firm, adherence to our time-tested, common sense investment
process, independent thought in an increasingly group-think, high-correlation invest-
ment world, and a commitment to investing funds at a significant discount to our calcu-
lated risk-adjusted intrinsic value.
We employ the same philosophy and process that our CIO, David Iben, has evolved over his
33-year career. Philosophically, we view ourselves as owners of businesses. Our job is to
appraise these businesses and take advantage at times when an inefficient, emotional
marketplace offers securities at a price that is significantly different from our appraisal. One
of the most common comments we receive from many of you is, weve never seen anything
like this portfolio! Most of our managers hold many of the same names; nobody holds
these. Our style isnt for everyone. Fortunately, many of you have followed up with, I
really like it, or I really need this! We are appreciative. This lower correlation with others is
not a goal of ours. It is a reasonable expected outcome given the industry tendency to group-
think, and fortunately has become a differentiating, value-add feature in some peoples eyes.
More specifically, we believe that we can add value to your portfolio by employing dili-
gent, independent thought. Like our namesake, Kopernik (better known by his Latin
name Copernicus), we trust the results of our own analysis even when (especially
when) it generates vastly different conclusions from those of the crowd and/or those
taught by many academics. Similarly, we commonly question the data issued by govern-
ments, central bankers, and companies themselves. Risk management is an important
area of distinction. We are concerned with limiting the risk of permanent loss of capital
and purchasing power. We understand that bargains appear often because people focus
on forms of risk that are not relevant to the investment portfolio. High tracking error, bad
headlines or unpopular stocks/countries/regions/industries can present a degree of risk to
a managers career, while often lowering the potential of permanent loss of capital (due to
lower prices and higher margin of safety(1)). Similarly, Kopernik believes volatility, beta(2)
and other measures of past price movements are not relevant to long-term investors as-
sessment of risk. It can be indicative of potential risk to short-term speculators or to
highly levered players, but can often present opportunity for true long-term investors.
(1) Margin of safety is a principle of investing in which an investor only purchases securities when
the market price is significantly below its intrinsic value.
(2) Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison
to the market as a whole. Beta is used in the capital asset pricing model (CAPM), a model that
calculates the expected return of an asset based on its beta and expected market returns.
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ALL-CAP FUND
Value to us is a pre-requisite and thus we never pay more than a companys estimated
risk-adjusted intrinsic value. But, failing to think deeply and independently about what
constitutes value and how best to derive it, can be harmful. Following in the footsteps of
growth investors who had allowed themselves to become too formulaic or put in a box in
the late 90s, some value investors were hurt by overly restrictive definitions of value in
2007 and 2008 (Price/Book and Price/Earnings, etc). We find it valuable to use many
valuation metrics. Additionally, emphasis is placed on those metrics that are most
appropriate to a certain industry. For example, asset heavy and/or cyclical companies
often are tough to appraise using Price/Earnings or Price-to-Cash Flow. Price to book
value, liquidation value, replacement value, land value, etc. usually prove helpful. These
metrics often are not helpful for asset light companies, where Discounted Cash Flow
scenario analysis is more useful. Applying these metrics across industries, countries, and
regions helps illuminate mispricing. Looking at different industries through different
lenses, through focused lenses, using industry appropriate metrics and qualitative factors
is important. Barriers to entry are an important factor. Potential winners possess differ-
ent key attributes. Supply and demand are extremely important detriments of margin
sustainability. The investor herd has a strong tendency to use trend line analysis, assum-
ing that past growth will lead to future growth. A more reasoned, independent assess-
ment will often foretell margin collapses as industries overdo it, thereby sowing the seeds
of their own self-destruction.
Currently, opportunities are being created when the establishment pays too little heed to
supply growth. This fallacy extends to money. Many seem to believe that the Federal
Reserve has succeeded in quintupling the supply of dollars without a loss of intrinsic
value. That is impossible. Evidence of the loss of value is abundantly clear. Gold supply
held by the U. S. Treasury has not increased. As economic theory would predict, the
price of gold went up. Following 12 straight years of advance and apparently over-
shooting, the price has since corrected 40%. The trend followers have their rulers out
again, confusing a correction in a supply/demand induced uptrend with a new counter-
trend. We view this as opportunity. At the same time, bonds are priced as if they were
scarce rather than too abundant to be managed. It is no secret that this is due to open,
market manipulation by the central banks. Intrinsic value must eventually be reflected in
market prices.
These are abnormally challenging times. Fortunately, we believe markets arent fully effi-
cient. There are attractive investment alternatives. We believe that the larger the oppor-
tunity set, the higher the likelihood of finding and capitalizing on mispricing. This is why
Kopernik is dedicated to Global and All Cap investing. Equally important is our pledge
to stay at a relatively small level of AUM. You can count on us continuing to think in-
dependently, and having the conviction to invest accordingly. We will not hug bench-
marks. We are diversified, holding over 50 names at all times and never having a large
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concentration (in absolute terms) in any one name, industry, sector, region, or country.
All investments are made subsequent to in-depth, bottom up, fundamental analysis,
team vetting, and formal CIO approval. We are 35 people strong. Our 10 research pro-
fessionals are averaging more than 18 years of experience, and we have an exceptional
depth and skills of trading and operations, averaging almost 16 years of experience and
providing 24-hour global trading coverage. As employees/owners/investors, our interests
are aligned with you, our clients. We are happy to be invested right along with you.
We are honored to serve you.
David B. Iben, CFA, Chief Investment Officer
Neda Yarich, Chief Administrative Officer
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ALL-CAP FUND
MANAGEMENT DISCUSSION OF FUND PERFORMANCE

Dear Fellow Shareholders:
What a year it has been! Our new fund started in November and immediately faced a
market that was not conducive to our style of investing. Fortunately, spectacular January
and February provided a welcome reprieve, April and May were tough, and June was
wonderful. Starting mid-August, and continuing into September and October, was a very
painful period of what looks like the capitulation phase of the mania. Time will tell. At
any rate, our style of investing couldnt have been more out of sync with the trend-
seeking crowd. Over the twelve month period ended October 31, 2014, Kopernik Global
All-Cap Fund Class A Shares returned -13.10%, compared to the MSCI ACWI Index,
which returned +8.15% during the same period.
MARKET OVERVIEW
The markets become bipolar from time to time. They become overly enamored of certain
themes and sectors while they develop disdain for others, and in turn price them accord-
ingly. In the early 1970s, good performance seemingly required large holdings of the
Nifty Fifty growth stocks. Post-1972, holding these same stocks proved disastrous. In
the late 1990s, good performance required large holdings of tech, media, and telecom
stocks. During the subsequent three years the NASDAQ fell 90%.
The current market has once again become extremely bifurcated. Lets cover three exam-
ples. The most important is the relative performance of the U.S. versus the rest of the
world. Though not apparent from the outset, this has turned out to be a powerful year
for the U.S., with the S&P 500 punching through new highs, the dollar finishing strong
against most major currencies, record M&A activity, and enough indicators of economic
strength to merit the Federal Reserve winding down its historic quantitative easing pro-
gram. In fact, the U.S. markets have performed well since the days when they were un-
loved, in early 2009. In recent years they have performed superbly relative to most other
world markets. Year to date, the S&P 500 is up 12% while the Euro Stoxx is down
nearly 6% in U.S. dollar terms. This has lured people into believing that the U.S. is
safe.
Secondly, the market, a la 1999, loves a good story. No price is too high for a good story,
be it a good stage 2 drug trial, a new tech idea, or an organic food offer-
ing. Simultaneously, no price is too low to dump a company endowed with tremendous
real assets, but is lacking a story.
Thirdly, probably related to the story stocks above, companies selling products and serv-
ices to the top 1% are priced dearly, while companies selling necessities to the hundreds
of millions of people worldwide who have ascended into the consumer class are being
given away. They will continue to consume electricity, phone service, gasoline, protein
food, and hard money.
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ALL-CAP FUND
While these factors capture the gist of what mattered most over the year, other factors
contributed as well. For example, still high on Modi-optimism, India remains one of the
best performers in world markets year-to-date, but China, despite many early stumbles
and much speculation regarding weakening growth, is also finishing the year strong.
Conversely, Europe and Japan have struggled, and have recently turned on their own
economic stimulus spigots, which has lifted Japan out of negative territory for the mo-
ment. The most challenging markets during the year were within Russia and Ukraine, as
they remain embroiled in their months-long conflict. Both oil and gold saw high levels of
volatility over the year. The former strengthened mid-year due to geopolitical turmoil in
the Middle East, but shifts in supply and demand dynamics have significantly driven the
price of oil down. A cyclically high level of faith in the competence of central bankers has
led to a strengthening of the dollar and has diverted capital away from gold, which is
now down over 10% for the year.
STRATEGY REVIEW
On a sector level, the Fund benefited over the past year in absolute and relative terms
from investments in telecommunications and healthcare, and from avoiding many pit-
falls by remaining out of the consumer discretionary space altogether. Geographically,
the Fund being overweight in Italy and South Korea was particularly beneficial.
The largest detractor for the year was the Funds significant underweight of the U.S.
market. Also important was the significant overweight to the mining industry. Through
the first three quarters of the year, materials drove positive performance, but a weaken-
ing gold price throughout the fourth quarter negatively impacted gold mining operations.
The Funds overweight positions in energy and industrials also detracted from perform-
ance. Large portions of the portfolios energy exposure are in U.S. and Chinese coal pro-
ducers, Russian oil and gas companies, and Canadian uranium companies. Individual
coal positions underperformed due to a combination of oversupply and Chinese clean
energy regulations. Russian companies with strategic importance to the state, including
the prominent oil, gas, and financial operations, have suffered enormously from the con-
flict with Ukraine and the resulting sanctions from the West. These situations have
driven down stock prices, but have opened the way for long-term, comprehensive gas
deals with China.
As prices have risen and fallen during the period, we have continually trimmed and added
to positions, reinforcing our initial beliefs. The Funds exposure to Russian companies has
increased considerably, as the market continued to provide significant discounts to entry.
As a result, the Funds emerging market presence increased to the maximum 35% of the
portfolio. Exposure to gold miners migrated from smaller cap companies toward larger
cap companies following the large rally early in the year. Currently, some smaller caps are
once again compelling. Finally, as a result of valuation driven opportunities in the energy
and industrial sectors, we have increased our overall U.S. exposure.
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ALL-CAP FUND
Since its inception in November 2013, the Kopernik Global All-Cap Fund has amassed
$943.8M in AUM. Despite difficult periods of performance volatility, we have never
wavered from our disciplined investment process. Though this process has performed
well through many market cycles, we acknowledge that a momentum-driven market
environment, such as the one that has been in play for the last couple years, is un-
favorable to our strategy. However, it does provide an amazing opportunity to invest in
dramatically unloved sectors, and we have been taking full advantage. In 1999, follow-
ing a period of similar performance, we concluded that the market was off-kilter. For-
tunately this appraisal turned out not to be sour grapes on our part, but rather a
signal that the market was about to enter a bear market and our style was about to pay
large dividends. Here, in November of 2014, weve come to a similar conclusion. Time
will tell whether this is a harbinger of good times to come for our strategy, or is simply
sour grapes. We put forth the following data points: the U.S. was a great country in
1907, 1929, 1972, 1999, and 2007. In continues to be, but those years demonstrated
that price is everything! Currently the U.S. stock market, is with a few exceptions, the
most overvalued it has ever been relative to CAPE (cyclically adjusted earnings), sales,
replacement value (Tobins Q(1)), book value, GDP, and to other markets. And now it
has rocketed up to an astonishing 51% of the MSCI All Country World Index, i.e. it is
priced greater than all other countries put together! Reminds one of the markets love
affair with the Japanese market in 1989.
Materials and energy have much lower market prices than they did three months ago, yet
they are intrinsically worth no less. While returns have been hurt by our holdings in
uranium and other nuclear power related holdings, the fundamentals are compelling.
Intrinsic value has continued to increase due to strong future demand for cheap fuel and
supply constraints subsequent to the end of the 20 year Megatons to Megawatts pro-
gram with the Russians. Coal stocks have been a serious drag, yet it continues to be the
dominant form of electricity generation worldwide. The markets expectation of an early
demise are misplaced. Gold has been money for thousands of years. The amount of fiat
currency that has been conjured out of thin air have added tremendously to the intrinsic
worth of gold as money. The recent 40% correction of the golds long-term bull market
versus the dollar (and all other fiat currencies) has provided a compelling buying oppor-
tunity. Certainly monetary and fiscal policy in most of the worlds countries could not be
more constructive for gold. Better yet, the market price of the common stocks of the
companies that own massive reserves of gold, have been unduly punished.
While utilities and transportation stocks have excelled in general, the markets have dis-
carded some very attractive hydroelectric producers in the BRIC nations, and quality
transportation franchises in Japan, the U.S., and in China. Agriculture, likewise, has
(1) Tobins Q is the ratio of the market value of a firms assets (as measured by the market value of
its outstanding stock and debt) to the replacement cost of the firms assets.
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ALL-CAP FUND
done well in some markets, yet quality corporate farmers controlling some of the worlds
best topsoil, are at record low valuations. Some of the most dominant financial
companies on the globe are being wholesaled due to the intensity of peoples hatred of
Russia. Similarly, some of the worlds best petroleum companies sell at 80% discounts
for the same reason.
We believe the Kopernik Global All-Cap Fund is well-positioned to excel for the very
same reasons that it has struggled: manic markets create distortions and then they return
toward equilibrium. The current distortions are extreme! While current extraordinary
valuations are what excites us, it is also noteworthy that our portfolio is unique, with
high active share that complements other active or passive mandates.
Sincerely,
David Iben
Chief Investment Officer and Portfolio Manager
Definition of Comparative Index

MSCI All Country World Index captures large and mid-cap representation across 23
Developed Markets and 23 Emerging Markets countries. With 2,449 constituents, the
index covers approximately 85% of the global investable equity opportunity set.
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ALL-CAP FUND
Growth of a $10,000 Investment

Total Return for the Period Ended October 31, 2014*
Cumulative Inception to Date(1)
Class A Shares, with load** -18.10%
Class A Shares, without load** -13.10%
Class I Shares -12.89%
MSCI All Country World Index 8.15%
$12,000
$11,000
$10,815
$10,000
$9,000
$8,711
$8,000
$7,000
11/01/13 10/31/14
CLASS I SHARES MSCI ALL COUNTRY WORLD INDEX
* Commenced operations on November 1, 2013.

** Refers to the individual maximum sales charge of 5.75%.
(1) If the Adviser had not limited certain expenses, the Funds total returns would have been lower.
The performance data quoted herein represents past performance and the return and value of an investment in
the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.
Past performance is no guarantee of future performance and should not be considered as a representation of the
future results of the Fund. The Funds performance assumes the reinvestment of all dividends and all capital
gains. Index returns assume reinvestment of dividends and, unlike a Funds returns, do not reflect any fees or
expenses. If such fees and expenses were included in the index returns, the performance would have been lower.
Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Funds holdings and allocations are
subject to change because it is actively managed and should not be considered recommendations to buy
individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the
redemption of Fund shares.
See definition of comparative indices on page 7.
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ALL-CAP FUND
OCTOBER 31, 2014
SECTOR WEIGHTINGS (Unaudited)
19.8% Materials
19.0% Industrials
16.5% Energy
12.5% Financials
8.9% Utilities
7.4% Consumer Staples
4.3% Exchange Traded Funds
3.6% Telecommunication Services
3.1% Information Technology
2.2% Preferred Stock
1.2% Short-Term Investment
1.0% Convertible Bonds
0.4% Health Care
0.1% Warrants
0.0% Rights
Percentages based on total investments.
SCHEDULE OF INVESTMENTS
COMMON STOCK 91.1%
Shares Value
ARGENTINA 0.1%
Cresud ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136,771 $ 1,436,096
AUSTRALIA 4.9%
Newcrest Mining, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 5,626,422 46,145,810
BRAZIL 1.7%
BrasilAgro* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 633,900 1,772,843
BrasilAgro ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,223 134,586
Centrais Eletricas Brasileiras ADR . . . . . . . . . . . . . . . . . 2,895,274 11,407,379
SLC Agricola . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 396,200 2,700,600
16,015,408
CANADA 19.5%
Banro Corp.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,576,000 649,625
Barrick Gold Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 473,092 5,615,602
Cameco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,426,852 42,178,688
Centerra Gold, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,118,355 16,078,046
Detour Gold Corp.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . 339,790 1,989,809
The accompanying notes are an integral part of the financial statements.

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ALL-CAP FUND
OCTOBER 31, 2014
COMMON STOCK continued
Shares Value
CANADA continued
Dundee Bancorp, Inc.* . . . . . . . . . . . . . . . . . . . . . . . . . . 327,578 $ 4,644,600
Dundee Precious Metals, Inc.* . . . . . . . . . . . . . . . . . . . . 1,991,089 5,670,907
Eastern Platinum, Ltd.* . . . . . . . . . . . . . . . . . . . . . . . . 3,347,622 2,584,119
Gabriel Resources, Ltd.* . . . . . . . . . . . . . . . . . . . . . . . . 8,461,603 4,955,111
Ivanhoe Mines, Ltd., Cl A* . . . . . . . . . . . . . . . . . . . . . . . 11,090,064 8,363,919
Kinross Gold Corp.* . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,683,108 18,668,682
Kirkland Lake Gold, Inc.* . . . . . . . . . . . . . . . . . . . . . . . 544,055 1,689,537
Niko Resources, Ltd.* . . . . . . . . . . . . . . . . . . . . . . . . . . 4,003,432 1,101,161
Northern Dynasty Minerals* . . . . . . . . . . . . . . . . . . . . . 4,824,257 1,854,444
Novagold Resources, Inc.* . . . . . . . . . . . . . . . . . . . . . . . 5,417,720 13,381,768
Silver Standard Resources, Inc.* . . . . . . . . . . . . . . . . . . 204,840 895,151
Sprott, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,320,805 11,424,824
Turquoise Hill Resources, Ltd.* . . . . . . . . . . . . . . . . . . . 4,344,470 14,553,974
Uranium Participation Corp.* . . . . . . . . . . . . . . . . . . . . 6,245,465 28,039,620
184,339,587
CHILE 0.5%
Sociedad Quimica y Minera de Chile ADR . . . . . . . . . . . 214,780 5,096,729
CHINA 7.0%
China Mobile Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 652,000 8,113,061
China Shenhua Energy Co., Ltd. . . . . . . . . . . . . . . . . . . 1,827,337 5,148,490
China Yurun Food Group, Ltd.* . . . . . . . . . . . . . . . . . . 52,225,000 22,357,659
Guangshen Railway Co., Ltd. . . . . . . . . . . . . . . . . . . . . . 60,675,003 26,053,366
Nam Tai Property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 404,144 2,230,875
NVC Lighting Holding Ltd. (A) . . . . . . . . . . . . . . . . . . . 19,225,203 2,193,936
66,097,387
FINLAND 2.3%
UPM-Kymmene . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,356,177 21,447,579
FRANCE 2.1%
Areva SA* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 549,746 7,388,596

10
ALL-CAP FUND
OCTOBER 31, 2014
Shares Value
FRANCE continued
Electricite de France . . . . . . . . . . . . . . . . . . . . . . . . . . . 408,181 $ 12,046,094
19,434,690
HONG KONG 0.7%
Guoco Group, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 430,000 5,284,101
Luks Group Vietnam Holdings Co., Ltd. . . . . . . . . . . . . 6,509,000 1,762,558
7,046,659
ITALY 2.0%
ERG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,139,769 13,061,802
Telecom Italia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,185,871 5,527,044
18,588,846
JAPAN 12.4%
Bit-isle, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,921,000 8,072,219
Japan Digital Laboratory Co., Ltd. . . . . . . . . . . . . . . . . . 201,500 3,514,253
Japan Steel Works, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 11,506,315 39,848,266
Kamigumi Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 529,000 5,006,250
Kurita Water Industries, Ltd. . . . . . . . . . . . . . . . . . . . . . 480,800 10,320,132
Mitsubishi Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 513,600 9,892,487
Mitsui & Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 660,200 9,789,122
Organo Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,159,000 9,206,864
Sanshin Electronics Co., Ltd. . . . . . . . . . . . . . . . . . . . . . 699,200 4,892,688
West Japan Railway Co. . . . . . . . . . . . . . . . . . . . . . . . . . 352,100 16,597,993
117,140,274
LEBANON 0.3%
Solidere GDR* (B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,774 623,876
Solidere GDR* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173,981 1,931,189
2,555,065
RUSSIA 19.5%
Etalon Group GDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,503,111 4,625,072
Federal Grid Unified Energy System JSC* . . . . . . . . . . . 20,655,268,670 25,740,596

11
ALL-CAP FUND
OCTOBER 31, 2014
Shares Value
RUSSIA continued
Federal Grid Unified Energy System JSC GDR (B) . . . . . 7,379,666 $ 4,602,698
Gazprom OAO ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,666,117 44,183,024
Lukoil OAO ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153,013 7,512,938
Mobile Telesystems* . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,317,722 7,812,535
Moscow Exchange MICEX OAO* . . . . . . . . . . . . . . . . . . 5,158,141 6,955,834
Protek* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,903,505 3,267,272
RusHydro JSC ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,629,354 31,036,504
Sberbank of Russia ADR . . . . . . . . . . . . . . . . . . . . . . . . 4,845,575 36,777,914
Yandex, Cl A* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 396,784 11,355,958
183,870,345
SINGAPORE 1.7%
Golden Agri-Resources . . . . . . . . . . . . . . . . . . . . . . . . . . 40,375,000 16,342,337
SOUTH AFRICA 0.8%
Impala Platinum Holdings . . . . . . . . . . . . . . . . . . . . . . . 1,044,828 7,605,725
SOUTH KOREA 1.3%
KT Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154,267 4,734,552
KT Corp. ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 471,995 7,235,683
11,970,235
UKRAINE 2.5%
Astarta Holding NV* . . . . . . . . . . . . . . . . . . . . . . . . . . . 469,117 4,385,833
Kernel Holding* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,052,130 8,275,145
MHP GDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,015,840 10,767,904
MHP GDR (B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,627 473,046
23,901,928
UNITED STATES 11.8%
Arch Coal Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,039,097 8,724,449
Layne Christensen Co.* . . . . . . . . . . . . . . . . . . . . . . . . . 1,270,183 9,145,317
Newmont Mining Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 1,601,889 30,051,438

12
ALL-CAP FUND
OCTOBER 31, 2014
Shares/
Face Amount Value
UNITED STATES continued

Peabody Energy Corp. . . . . . . . . . . . . . . . . . . . . . . 1,931,274 $ 20,143,188
SkyWest, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,011 34,560,127
Tsakos Energy Navigation, Ltd.* . . . . . . . . . . . . . . 1,235,926 8,367,219
110,991,738
TOTAL COMMON STOCK
(Cost $1,009,255,708) . . . . . . . . . . . . . . . . . . . . 860,026,438
EXCHANGE TRADED FUNDS 4.3%
Global X Silver Miners ETF . . . . . . . . . . . . . . . . . . 533,454 4,619,712

Global X Uranium ETF . . . . . . . . . . . . . . . . . . . . . 540,000 6,210,000
Market Vectors Coal ETF . . . . . . . . . . . . . . . . . . . . 274,000 4,575,800
Market Vectors Gold Miners ETF . . . . . . . . . . . . . . 1,306,307 22,481,543
Market Vectors Junior Gold Miners ETF . . . . . . . . . 111,200 2,721,064
TOTAL EXCHANGE TRADED FUNDS
(Cost $45,677,708) . . . . . . . . . . . . . . . . . . . . . . . 40,608,119
PREFERRED STOCK 2.3%
BRAZIL 2.3%
Centrais Eletricas Brasileiras
(Cost $24,426,167) . . . . . . . . . . . . . . . . . . . . . . . 5,569,300 21,082,382
CONVERTIBLE BONDS 1.0%
CANADA 1.0%
Gabriel Resources, Ltd. 8.000%, 06/30/19 (A) . . . . CAD 11,758,000 9,193,680
INDIA 0.0%
REI Agro, Ltd. 5.500%, 11/13/14 (A) (B) (C) . . . . $ 723,000 397,650
TOTAL CONVERTIBLE BONDS
(Cost $11,558,420) . . . . . . . . . . . . . . . . . . . . . . . 9,591,330

13
ALL-CAP FUND
OCTOBER 31, 2014
WARRANTS 0.1%
Number of
Warrants/
Number of Rights/
Shares Value
CANADA 0.1%
Gabriel Resources, Ltd., Expires 06/30/19* (A)
(Cost $) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,679,684 $ 747,388
RIGHTS 0.0%
CANADA 0.0%
Gabriel Resources, Ltd., Expires 06/30/19* (A)
(Cost $) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,758
SHORT-TERM INVESTMENT (D) 1.2%
SEI Daily Income Trust, Government Fund, 0.020%

(Cost $11,324,964) . . . . . . . . . . . . . . . . . . . . . . . . . 11,324,964 11,324,964
TOTAL INVESTMENTS 100.0%
(Cost $1,102,242,967) . . . . . . . . . . . . . . . . . . . . . . . 943,380,621
Other Assets and Liabilities, Net 0.0% . . . . . . . . . . 423,426
NET ASSETS 100.0% . . . . . . . . . . . . . . . . . . . . . . . $943,804,047
* Non-income producing security.

(A) Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board
of Trustees. The total value of such securities as of October 31, 2014, was $12,532,654 and represented
1.3% of net assets.
(B) Securities sold within terms of a private placement memorandum, exempt from registration under
Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program
or other accredited investors. These securities have been determined to be liquid under guidelines
established by the Board of Trustees.
(C) Security in default on interest payments.
(D) The rate reported is the 7-day effective yield as of October 31, 2014.
ADR American Depositary Receipt
CAD Canadian Dollar
Cl Class
ETF Exchange Traded Fund
GDR Global Depositary Receipt
Ltd. Limited

14
ALL-CAP FUND
OCTOBER 31, 2014
The list of inputs used to value the Funds net assets as of October 31, 2014 is as follows:
Investments in Securities Level 1 Level 2 Level 3 Total

Common Stock
Argentina . . . . . . . . . . . . . . . $ 1,436,096 $ $ $ 1,436,096
Australia . . . . . . . . . . . . . . . 46,145,810 46,145,810
Brazil . . . . . . . . . . . . . . . . . . 16,015,408 16,015,408
Canada . . . . . . . . . . . . . . . . 184,339,587 184,339,587
Chile . . . . . . . . . . . . . . . . . . 5,096,729 5,096,729
China . . . . . . . . . . . . . . . . . . 63,903,451 2,193,936 66,097,387
Finland . . . . . . . . . . . . . . . . 21,447,579 21,447,579
France . . . . . . . . . . . . . . . . . 19,434,690 19,434,690
Hong Kong . . . . . . . . . . . . . 7,046,659 7,046,659
Italy . . . . . . . . . . . . . . . . . . . 18,588,846 18,588,846
Japan . . . . . . . . . . . . . . . . . . 117,140,274 117,140,274
Lebanon . . . . . . . . . . . . . . . 2,555,065 2,555,065
Russia . . . . . . . . . . . . . . . . . 183,870,345 183,870,345
Singapore . . . . . . . . . . . . . . . 16,342,337 16,342,337
South Africa . . . . . . . . . . . . 7,605,725 7,605,725
South Korea . . . . . . . . . . . . . 11,970,235 11,970,235
Ukraine . . . . . . . . . . . . . . . . 23,901,928 23,901,928
United States . . . . . . . . . . . . 110,991,738 110,991,738
Total Common Stock . . . . . . . . 857,832,502 2,193,936 860,026,438
Exchange Traded Funds . . . . . 40,608,119 40,608,119
Preferred Stock . . . . . . . . . . . . . 21,082,382 21,082,382
Convertible Bonds . . . . . . . . . . 9,591,330 9,591,330
Warrants . . . . . . . . . . . . . . . . . . 747,388 747,388
Rights . . . . . . . . . . . . . . . . . . . .
Short-Term Investment . . . . . . 11,324,964 11,324,964
Total Investments in
Securities . . . . . . . . . . . . . . . $930,847,967 $ $12,532,654 $943,380,621

15
ALL-CAP FUND
OCTOBER 31, 2014
The following is a reconciliation of the investments in which significant unobservable inputs

(Level 3) were used in determining value:
Common Stock Convertible Bond Warrants Rights

Beginning Balance as of
November 1, 2013 . . . . . . . . . . . $ $ $ $
Accrued discounts/premiums . . .
Realized gain/(loss) . . . . . . . . . .
Change in appreciation/
(depreciation) . . . . . . . . . . . . (1,967,089) 747,388
Purchases . . . . . . . . . . . . . . . . . . 11,382,497
Sales . . . . . . . . . . . . . . . . . . . . . .
Amortization sold . . . . . . . . . . . . 175,922
Transfer into Level 3 . . . . . . . . . 2,193,936
Transfer out of Level 3 . . . . . . .
Ending balance as of
October 31, 2014 . . . . . . . . . $2,193,936 $ 9,591,330 $747,388 $
Change in unrealized
gains/(losses) included in
earnings related to securities
still held at reporting date . . . $ (1,967,089) $747,388 $
Amounts designated as are either $0 or have been rounded to $0.

For the period ended October 31, 2014, there have been no transfers between Level 1 and Level 2
or Level 2 and Level 3 assets and liabilities. For the year ended October 31, 2014, there were trans-
fers between Level 1 and Level 3 assets and liabilities due to changes in the availability of ob-
servable inputs used to determine fair value. All transfers, if any, are recognized by the Fund at the
end of each year.
For more information on valuation inputs, see Note 2 Significant Accounting Policies in the Notes
to Financial Statements.

16
ALL-CAP FUND
OCTOBER 31, 2014
STATEMENT OF ASSETS AND LIABILITIES

Assets:
Investments, at Value (Cost $1,102,242,967) . . . . . . . . . . . . . . . . . . . . . . . . . $ 943,380,621
Receivable for Investment Securities Sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,092,829
Receivable for Capital Shares Sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,497,808
Dividend and Interest Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 925,679
Reclaim Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193,791
Prepaid Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,308
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 963,120,036
Liabilities:
Payable for Investment Securities Purchased . . . . . . . . . . . . . . . . . . . . . . . . . 13,154,072
Payable for Capital Shares Redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,982,281
Payable due to Adviser . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 557,660
Payable due to Administrator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,253
Distribution Fees Payable (Class A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,826
Payable due to Trustees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,602
Chief Compliance Officer Fees Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,456
Other Accrued Expenses and Other Payables . . . . . . . . . . . . . . . . . . . . . . . . . 508,839
Total Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,315,989
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 943,804,047
Net Assets Consist of:
Paid-in Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,106,012,623
Undistributed Net Investment Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,904,372
Accumulated Net Realized Loss on Investments, Foreign Currency and
Translation of Other Assets and Liabilities Denominated in Foreign
Currencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,214,473)
Net Unrealized Depreciation on Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . (158,862,346)
Net Unrealized Depreciation on Foreign Currency and Translation of Other
Assets and Liabilities Denominated in Foreign Currencies . . . . . . . . . . . . . . . (36,129)
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 943,804,047
Class A Shares:
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 183,316,907
Outstanding Shares of beneficial interest
(unlimited authorization no par value) . . . . . . . . . . . . . . . . . . . . . . . . . . 21,095,229
Net Asset Value Per Share* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8.69
Maximum Offering Price Per Shares ($8.69/94.25%) . . . . . . . . . . . . . . . . . . $ 9.22
Class I Shares:
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 760,487,140
Outstanding Shares of beneficial interest
(unlimited authorization no par value) . . . . . . . . . . . . . . . . . . . . . . . . . . 87,304,506
Net Asset Value Offering and Redemption Price, Per Share . . . . . . . . . . . . . . $ 8.71
* Class A Shares are subject to a maximum contingent deferred sales charge of 0.75% if shares are redeemed within 18
months of purchase.

17
ALL-CAP FUND
FOR THE PERIOD ENDED
OCTOBER 31, 2014*
STATEMENT OF OPERATIONS
Investment Income:
Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 11,696,774
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192,201
Less: Foreign Taxes Withheld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,381,517)
Total Investment Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,507,458
Expenses:
Investment Advisory Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,155,018
Administration Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 485,372
Distribution Fees (Class A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 314,684
Chief Compliance Officer Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,500
Trustees Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,500
Custodian Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 459,029
Registration and Filing Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,641
Transfer Agent Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,592
Offering Costs (See Note 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,857
Legal Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,000
Printing Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000
Audit Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,000
Other Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,032
Total Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,826,225
Less:
Investment Advisory Fee Waiver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (210,675)
Fees Paid Indirectly Note 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (164)
Net Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,615,386
Net Investment Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,892,072
Net Realized Loss on:
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,851,110)
Foreign Currency Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (327,890)
Net Realized Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,179,000)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (158,862,346)
Foreign Currency Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (36,129)
Net Change in Unrealized Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (158,898,475)
Net Realized and Unrealized Loss on Investments and Foreign Currency
Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (166,077,475)
Net Decrease in Net Assets Resulting from Operations . . . . . . . . . . . . . . . . $(162,185,403)

18
ALL-CAP FUND
STATEMENT OF CHANGES IN NET ASSETS

Period Ended
October 31, 2014*
Operations:
Net Investment Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,892,072
Net Realized Loss on Investments and Foreign Currency
Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,179,000)
Net Change in Unrealized Depreciation on Investments and Foreign
Currency Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (158,898,475)
Net Decrease in Net Assets Resulting From Operations . . . . . . . . . . (162,185,403)
Dividends and Distributions:
Dividends from Net Investment Income
Class A Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Class I Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (23,173)
Total Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (23,173)
Capital Share Transactions(1):
Class A Shares
Issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 291,388,404
Redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (74,907,539)
Net Class A Share Transaction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216,480,865
Class I Shares
Issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,006,651,025
Reinvestment of Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,173
Redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (117,142,440)
Net Class I Share Transaction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 889,531,758
Net Increase in Net Assets From Capital Share Transactions . . . . . . 1,106,012,623
Total Increase in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 943,804,047
Net Assets:
Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
End of Period (including Undistributed Net Investment Income of
$3,904,372) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 943,804,047

(1) For share transactions, see Note 6 in the Notes to Financial Statements.
Amounts designated as are $0.

19
ALL-CAP FUND
FINANCIAL HIGHLIGHTS
Selected Per Share Date & Ratios
For a Share Outstanding Throughout Each Period
Class A
Shares
Period
Ended
October 31, 2014*
Net Asset Value, Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10.00
Income (Loss) from Investment Operations:
Net Investment Income** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.07
Net Realized and Unrealized Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.38)
Total from Investment Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.31)
Net Asset Value, End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8.69
Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13.10)%
Ratios and Supplemental Data

Net Assets, End of Period (Thousands) . . . . . . . . . . . . . . . . . . . . . . . . . . . $183,317
Ratio of Expenses to Average Net Assets(1) . . . . . . . . . . . . . . . . . . . . . . . . 1.35%
Ratio of Expenses to Average Net Assets
(Excluding Waivers and Fees Paid Indirectly) . . . . . . . . . . . . . . . . . . . . 1.38%
Ratio of Net Investment Income to Average Net Assets . . . . . . . . . . . . . . . 0.68%
Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42%
* Commenced operations November 1, 2013.

** Per share calculations were performed using average shares for the period.
Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of
taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
Annualized.
Portfolio turnover rate is for the period indicated and has not been annualized.
(1) The ratio of expenses to average net assets excludes the effects of fees paid indirectly. If these expense offsets were
included, the ratio would be equal to the ratio presented.

20
ALL-CAP FUND
FINANCIAL HIGHLIGHTS concluded

Selected Per Share Date & Ratios
For a Share Outstanding Throughout Each Period
Class I
Shares
Period
Ended
October 31, 2014*
Net Asset Value, Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10.00
Income (Loss) from Investment Operations:
Net Investment Income** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.07
Net Realized and Unrealized Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.36)
Total from Investment Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.29)
Dividends and Distributions:
Net Investment Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.00)^
Net Asset Value, End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8.71
Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12.89)%
Ratios and Supplemental Data

Net Assets, End of Period (Thousands) . . . . . . . . . . . . . . . . . . . . . . . . . . . $760,487
Ratio of Expenses to Average Net Assets(1) . . . . . . . . . . . . . . . . . . . . . . . . 1.10%
Ratio of Expenses to Average Net Assets
(Excluding Waivers and Fees Paid Indirectly) . . . . . . . . . . . . . . . . . . . . 1.13%
Ratio of Net Investment Income to Average Net Assets . . . . . . . . . . . . . . . 0.68%
Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42%
* Commenced operations November 1, 2013.

** Per share calculations were performed using average shares for the period.
Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of
taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
Annualized.
Portfolio turnover rate is for the period indicated and has not been annualized.
^ Amount represents less than $0.01 per share.
(1) The ratio of expenses to average net assets excludes the effects of fees paid indirectly. If these expense offsets were
included, the ratio would be equal to the ratio presented.

21
ALL-CAP FUND
OCTOBER 31, 2014
NOTES TO FINANCIAL STATEMENTS
1. Organization:
The Advisors Inner Circle Fund II (the Trust) is organized as a Massachusetts busi-
ness trust under an Amended and Restated Agreement and Declaration of Trust dated
February 18, 1997. The Trust is registered under the Investment Company Act of 1940,
as amended, as an open-end management investment company with 40 funds. The
financial statements herein are those of the Kopernik Global All-Cap Fund (the
Fund). The investment objective of the Fund is long-term growth of capital. The Fund
is diversified and invests primarily (at least 80% of its net assets) in equity securities of
companies located in at least three countries other than the U.S. The financial statements
of the remaining funds of the Trust are presented separately. The assets of each fund are
segregated, and a shareholders interest is limited to the fund in which shares are held.
2. Significant Accounting Policies:

The following is a summary of the Significant Accounting Policies followed by the Fund.
Use of Estimates The Fund is an investment company in conformity with ac-

counting principles generally accepted in the United States of America (U.S.
GAAP). Therefore, the Fund follows the accounting and reporting guidance for
investment companies. The preparation of financial statements in conformity with
U.S. GAAP requires management to make estimates and assumptions that affect the
fair value of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual results
could differ from those estimates and such differences could be material.
Security Valuation Securities listed on a securities exchange, market or auto-

mated quotation system for which quotations are readily available (except for secu-
rities traded on NASDAQ), including securities traded over the counter, are valued
at the last quoted sale price on the primary exchange or market (foreign or domes-
tic) on which they are traded, or, if there is no such reported sale, at the most recent
quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing
Price will be used. Values of debt securities are generally reported at the last sales
price if the security is actively traded. If a debt security is not actively traded it is
valued at an evaluated bid price by employing methodologies that utilize actual
market transactions, broker-supplied valuations, or other methodologies designed to
identify the market value for such securities. Debt obligations with remaining
22
ALL-CAP FUND
OCTOBER 31, 2014
maturities of sixty days or less may be valued at their amortized cost, which approx-
imates market value. The prices for foreign securities are reported in local currency
and converted to U.S. dollars using currency exchange rates.
Securities for which market prices are not readily available are valued in accordance
with Fair Value Procedures established by the Funds Board of Trustees (the Board).
The Funds Fair Value Procedures are implemented through a Fair Value Committee
(the Committee) designated by the Board. Some of the more common reasons that
may necessitate that a security be valued using Fair Value Procedures include: the se-
curitys trading has been halted or suspended; the security has been de-listed from a
national exchange; the securitys primary trading market is temporarily closed at a time
when under normal conditions it would be open; the security has not been traded for an
extended period of time; the securitys primary pricing source is not able or willing to
provide a price; or trading of the security is subject to local government-imposed re-
strictions. When a security is valued in accordance with the Fair Value Procedures, the
Committee will determine the value after taking into consideration relevant information
reasonably available to the Committee. As of October 31, 2014, the total market value
of securities in the Fund valued in accordance with fair value procedures was
$12,532,654 or 1.3% of the Funds net assets.
For securities that principally trade on a foreign market or exchange, a significant

gap in time can exist between the time of a particular securitys last trade and the
time at which the Fund calculates their net asset values. The closing prices of such
securities may no longer reflect their market value at the time the Fund calculates net
asset value if an event that could materially affect the value of those securities (a
Significant Event) has occurred between the time of the securitys last close and
the time that the Fund calculates net asset value. A Significant Event may relate to a
single issuer or to an entire market sector. If Kopernik Global Investors, LLC (the
Adviser), of the Fund becomes aware of a Significant Event that has occurred with
respect to a security or group of securities after the closing of the exchange or market
on which the security or securities principally trade, but before the time at which the
Fund calculates net asset value, it may request that a Committee meeting be called.
In addition, SEI Investments Global Funds Services (the Administrator), a wholly
owned subsidiary of SEI Investments Company, monitors price movements among
certain selected indices, securities and/or baskets of securities that may be an in-
dicator that the closing prices received earlier from foreign exchanges or markets
may not reflect market value at the time the Fund calculates net asset value. If price
movements in a monitored index or security exceed levels established by the
23
ALL-CAP FUND
OCTOBER 31, 2014
Administrator, the Administrator notifies the Adviser for the Fund that such limits
have been exceeded. In such event, the Adviser makes the determination whether a
Committee meeting should be called based on the information provided.
The Fund uses Interactive Data Pricing and Reference Data, Inc. (Interactive
Data) as a third party fair valuation vendor. Interactive Data provides a fair value
for foreign securities in the Fund based on certain factors and methodologies
(involving, generally, tracking valuation correlations between the U.S. market and
each non-U.S. security) applied by Interactive Data in the event that there is a
movement in the U.S. markets that exceeds a specific threshold established by the
Committee. The Committee establishes a confidence interval which is used to de-
termine the level of correlation between the value of a foreign security and move-
ments in the U.S. market before a particular security is fair valued when the
threshold is exceeded. In the event that the threshold established by the Committee
is exceeded on a specific day, the Fund value their non-U.S. securities that exceed
the applicable confidence interval based upon the fair values provided by Inter-
active Data. In such event, it is not necessary to hold a Committee meeting. In the
event that the Adviser believes that the fair values provided by Interactive Data are
not reliable, the Adviser contacts the Funds Administrator and may request that a
meeting of the Committee be held.
If a local market in which the Fund own securities is closed for one or more days,
the Fund shall value all securities held in that corresponding currency based on the
fair value prices provided by Interactive Data using the predetermined confidence
interval discussed above.
In accordance with U.S. GAAP, the Fund discloses fair value of its investments in a
hierarchy that prioritizes the inputs to valuation techniques used to measure the fair
value. The objective of a fair value measurement is to determine the price that
would be received to sell an asset or paid to transfer a liability in an orderly trans-
action between market participants at the measurement date (an exit price).
Accordingly, the fair value hierarchy gives the highest priority to quoted prices
(unadjusted) in active markets for identical assets or liabilities (Level 1) and the
lowest priority to unobservable inputs (Level 3). The three levels of the fair value
hierarchy are described below:
Level 1 Unadjusted quoted prices in active markets for identical, unre-

stricted assets or liabilities that the Fund has the ability to access at the meas-
urement date
24
ALL-CAP FUND
OCTOBER 31, 2014
Level 2 Other significant observable inputs (includes quoted prices for sim-
ilar securities, interest rates, prepayment speeds, credit risk, referenced indices,
quoted prices in inactive markets, adjusted quoted prices in active markets,
adjusted quoted prices on foreign equity securities that were adjusted in
accordance with pricing procedures approved by the Board, etc.); and
Level 3 Prices, inputs or exotic modeling techniques which are both sig-
nificant to the fair value measurement and unobservable (supported by little or
no market activity).
Investments are classified within the level of the lowest significant input considered
in determining fair value. Investments classified within Level 3 whose fair value
measurement considers several inputs may include Level 1 or Level 2 inputs as
components of the overall fair value measurement.
The following table summarizes the quantitative inputs and assumptions used for
items categorized as recurring Level 3 assets as of October 31, 2014. The dis-
closures below also include qualitative information on the sensitivity of the fair
value measurements to changes in the significant unobservable inputs.
Fair Value
(in Thousands) Range
at October 31, Valuation Unobservable (Weighted
Assets 2014 Technique(s) Input Average)
Common Stock . . . . . Liquidity
$2,193,936 Market Quote discount 50%
Convertible Bonds . . 9,591,330 Market Quote Broker Quote N/A
Warrants . . . . . . . . . . 747,388 Market Quote Broker Quote N/A
The unobservable inputs used to determine fair value of recurring Level 3 assets
may have similar or diverging impacts on valuation. Significant increases and de-
creases in these inputs in isolation and interrelationships between those inputs could
result in significantly higher or lower fair value measurement.
25
ALL-CAP FUND
OCTOBER 31, 2014
For the period ended October 31, 2014, there have been no significant changes to
the Funds fair valuation methodology.
Federal Income Taxes It is the Funds intention to qualify as a regulated

investment company for Federal income tax purposes by complying with the
appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as
amended. Accordingly, no provisions for Federal income taxes have been made in
the financial statements.
The Fund evaluates tax positions taken or expected to be taken in the course of prepar-
ing the Funds tax returns to determine whether it is more-likely than-not (i.e.,
greater than 50-percent) that each tax position will be sustained upon examination by
a taxing authority based on the technical merits of the position. Tax positions not
deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or
expense in the current period. The Fund did not record any tax provision in the current
period. However, managements conclusions regarding tax positions taken may be sub-
ject to review and adjustment at a later date based on factors including, but not limited
to, examination by tax authorities (i.e., the open tax year end, since inception), on-
going analysis of and changes to tax laws, regulations and interpretations thereof.
As of and during the period ended October 31, 2014, the Fund did not have a li-
ability for any unrecognized tax benefits. The Fund recognizes interest and penal-
ties, if any, related to unrecognized tax benefits as income tax expense in the
Statement of Operations. During the period ended October 31, 2014, the Fund did
not incur any significant interest or penalties.
Security Transactions and Investment Income Security transactions are ac-

counted for on trade date. Costs used in determining realized gains and losses on the
sale of investment securities are based on specific identification. Dividend income is
recorded on the ex-dividend date. Interest income is recognized on the accrual basis
from settlement date. Certain dividends from foreign securities will be recorded as
soon as the Fund is informed of the dividend if such information is obtained sub-
sequent to the ex-dividend date. Discounts and premiums on securities purchased
are accreted and amortized using the scientific interest method, which approximates
the effective interest method.
Foreign Currency Translation The books and records of the Fund are main-
tained in U.S. dollars. Investment securities and other assets and liabilities denomi-
nated in a foreign currency are translated into U.S. dollars on the date of valuation.
26
ALL-CAP FUND
OCTOBER 31, 2014
The Fund does not isolate that portion of realized or unrealized gains and losses
resulting from changes in the foreign exchange rate from fluctuations arising from
changes in the market prices of the securities. These gains and losses are included in
net realized and unrealized gains and losses on investments on the Statement of
Operations. Net realized and unrealized gains and losses on foreign currency trans-
actions represent net foreign exchange gains or losses from foreign currency ex-
change contracts, disposition of foreign currencies, currency gains or losses realized
between trade and settlement dates on securities transactions and the difference
between the amount of the investment income and foreign withholding taxes re-
corded on the Funds books and the U.S. dollar equivalent of the amounts actually
received or paid.
Forward Foreign Currency Exchange Contracts The Fund may enter into
forward foreign currency exchange contracts to protect the value of securities held
and related receivables and payables against changes in future foreign exchange
rates. A forward currency contract is an agreement between two parties to buy and
sell currency at a set price on a future date. The market value of the contract will
fluctuate with changes in currency exchange rates. The contract is marked-to-
market daily using the current forward rate and the change in market value is
recorded by the Fund as unrealized gain or loss. The Fund recognize realized gains
or losses when the contract is closed, equal to the difference between the value of
the contract at the time it was opened and the value at the time it was closed. Any
realized or unrealized gains/(loss) during the period are presented on the State-
ments of Operations. Risks may arise from unanticipated movements in the value of
a foreign currency relative to the U.S. dollar. Risks may also arise upon entering
into these contracts from the potential inability of counterparties to meet the terms
of their contracts and are generally limited to the amount of unrealized gain on the
contracts at the date of default. There were no forward foreign currency contracts
for the period ended October 31, 2014.
Expenses Most expenses of the Trust can be directly attributed to a particular

fund. Expenses which cannot be directly attributed to a particular fund are appor-
tioned among the funds of the Trust based on the number of funds and/or relative
net assets.
Classes Class specific expenses are borne by that class of shares. Income, realized
and unrealized gains (losses), and non-class specific expenses are allocated to the
respective class on the basis of relative daily net assets.
27
ALL-CAP FUND
OCTOBER 31, 2014
Dividends and Distributions to Shareholders The Fund distributes sub-

stantially all of its net investment income annually. Any net realized capital gains
are distributed annually. All distributions are recorded on ex-dividend date.
Deferred Offering Costs Offering costs, including costs of printing initial pro-
spectus, legal and registration fees, are amortized over twelve-months from in-
ception of the Fund. As of October 31, 2014, these costs were fully amortized.
3. Transactions with Affiliates:

Certain officers of the Trust are also officers of the Administrator and/or SEI Invest-
ments Distribution Co. (the Distributor). Such officers are paid no fees by the Trust,
other than the Chief Compliance Officer (CCO) as described below, for serving as
officers of the Trust.
The services provided by the CCO and his staff are paid for by the Trust as incurred.
The services include regulatory oversight of the Trusts Advisors and service providers as
required by SEC regulations. The CCOs services and fees have been approved by and
are reviewed by the Board.
4. Administration, Distribution, Shareholder Servicing, Custodian and Transfer

Agent Agreements:
The Fund and the Administrator are parties to an Administration Agreement under
which the Administrator provides management and administration services for an
annual fee equal to 0.10% of the first $250 million, 0.08% of the next $250 million,
0.07% of any amount above $500 million of the Funds average daily net assets.
There is a minimum annual rate of $100,000 for the Fund, plus $15,000 for each addi-
tional class of shares.
The Fund has adopted a distribution plan for Class A Shares that allows the Fund to pay
for the sale and distribution of its shares, and for services provided to shareholders. Be-
cause these fees are paid out of the Funds assets continuously, over time, these fees will
increase the cost of your investment. The annual distribution and service fees for Class A
Shares of the Fund is 0.25% of the average daily net assets of the Funds Class A Shares.
Citibank, N.A. acts as custodian (the Custodian) for the Fund. The Custodian plays no
role in determining the investment policies of the Fund or which securities are to be pur-
chased or sold by the Fund.
DST Systems, Inc. serves as the transfer agent and dividend disbursing agent for the
Fund under a transfer agency agreement with the Trust.
28
ALL-CAP FUND
OCTOBER 31, 2014
During the period ended October 31, 2014, the Fund earned cash management credits of
$164 which were used to offset transfer agent expenses. This amount is labeled Fees
Paid Indirectly on the Statement of Operations.
5. Investment Advisory Agreement:

Under the terms of an investment advisory agreement, the Adviser provides investment
advisory services to the Fund at a fee calculated at an annual rate of 0.90% of the Funds
average daily net assets. The Adviser has contractually agreed to reduce its fees and/or
reimburse expenses in order to keep total annual fund operating expenses after fee reduc-
tions and/or expense reimbursements (excluding interest, taxes, brokerage commissions,
acquired fund fees and expenses and extraordinary expenses (collectively, excluded
expenses)) from exceeding 1.35% of the Funds Class A Shares average daily net assets
and 1.10% of the Funds Class I Shares average daily net assets until February 28, 2015
(the Contractual Expense Limit). If at any point it becomes unnecessary for the Adviser
to reduce fees or make expense reimbursements, the Adviser may receive from the Fund
the difference between the total annual fund operating expenses (not including excluded
expenses) and the Contractual Expense Limit to recover all or a portion of its prior fee
reductions or expense reimbursements made during the preceding three-year period dur-
ing which this agreement (or any other agreement) was in place. This agreement may be
terminated: (i) by the Board, for any reason at any time, or (ii) by the Adviser, upon
ninety (90) days prior written notice to the Trust, effective as of the close of business on
February 28, 2015. As of October 31, 2014, fees which were previously waived by the
Adviser that can be recaptured were $210,675, expiring in 2017.
6. Share Transactions:
Period
Ended
October 31,
2014*
Shares Transactions:
Class A Shares
Issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,989,729
Redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,894,500)
Increase in Class A Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,095,229
Class I Shares
Issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99,993,020
Reinvestment of Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,355
Redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,690,869)
Increase in Class I Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,304,506
29
ALL-CAP FUND
OCTOBER 31, 2014
7. Investment Transactions:
For the period ended October 31, 2014, the Fund made purchases of $1,323,958,385
and sales of $226,893,787 in investment securities other than long-term U.S. Govern-
ment and short-term securities. There were no purchases or sales of long term U.S. Gov-
ernment securities.
8. Federal Tax Information:

The amount and character of income and capital gain distributions to be paid, if any, are
determined in accordance with Federal income tax regulations, which may differ from
U.S. GAAP.
As a result, net investment income (loss) and net realized gain or (loss) on investment
transactions for a reporting period may differ significantly from distributions during the
year. The book/tax differences may be temporary or permanent. To the extent these dif-
ferences are permanent in nature, they are charged or credited to undistributed net in-
vestment income (loss), accumulated net realized gain (loss) or paid-in capital as
appropriate, in the period that the difference arises.
Accordingly, the following permanent differences are primarily attributable to foreign
exchange gain/loss and PFIC adjustment have been reclassified to (from) the following
accounts:
Undistributed Accumulated
Net Investment Net Realized
Income/(Loss) Gain/Loss
$35,473 $(35,473)
These reclassifications have no impact on net assets or net asset value per share.
The tax character of dividends and distributions declared for the Fund during the period
ended October 31, 2014 were as follows:
Ordinary
Income
2014 . . . . . . . . . . . . . . . . . . . $23,173
As of October 31, 2014, the components of distributable earnings on a tax basis were as
follows:
Undistributed Ordinary Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,487,138
Unrealized Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (167,695,714)
Total Accumulated Losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(162,208,576)
30
ALL-CAP FUND
OCTOBER 31, 2014
For Federal income tax purposes the difference between Federal tax cost and book cost
primarily relates to wash sales, which cannot be used for Federal income tax purposes in
the current year and have been deferred for use in future years. The aggregate gross
unrealized appreciation and depreciation for the investments held (excluding foreign
currency) by the Fund at October 31, 2014, were as follows:
Aggregate Aggregate
Gross Gross Net
Federal Unrealized Unrealized Unrealized
Tax Cost Appreciation Depreciation Depreciation
$1,111,040,206 $12,112,620 $(179,772,205) $(167,659,585)
9. Concentration of Risks:
The Fund invests in securities of foreign issuers in various countries. These investments
may involve certain considerations and risks not typically associated with investments in
the United States as a result of, among other factors, the possibility of future political
and economic developments and the level of governmental supervision and regulation of
securities markets in the respective countries.
The Fund may be subject to taxes imposed by countries in which it invests. Such taxes
are generally based on either income or gains earned or repatriated. The Fund accrues
and applies such taxes to net investment income, net realized gains and net unrealized
gains as income and/or capital gains are earned, as applicable.
10. Other:
At October 31, 2014, 53% of Class A Shares outstanding were held by two record share-
holders and 68% of Class I Shares outstanding were held by two record shareholders
each owning 10% or greater of the aggregate total shares outstanding. These share-
holders were comprised of omnibus accounts that were held on behalf of multiple under-
lying shareholders.
In the normal course of business, the Fund enters into contracts that provide general
indemnifications. The Funds maximum exposure under these arrangements is depend-
ent on future claims that may be made against the Fund and, therefore, cannot be estab-
lished; however, based on experience, the risk of loss from such claim is considered
remote.
11. Subsequent Events:

The Fund has evaluated the need for additional disclosures and/or adjustments resulting
from subsequent events through the date the financial statements were issued. Based on
this evaluation, no additional adjustments were required to the financial statements.
31
ALL-CAP FUND
OCTOBER 31, 2014
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of

The Advisors Inner Circle Fund II and the Shareholders of
Kopernik Global All-Cap Fund:
In our opinion, the accompanying statement of assets and liabilities, including the sched-
ule of investments, and the related statements of operations and of changes in net assets
and the financial highlights present fairly, in all material respects, the financial position
of Kopernik Global All-Cap Fund (one of the portfolios constituting The Advisors Inner
Circle Fund II, hereafter referred to as the Fund) at October 31,2014, and the results
of its operations, the changes in its net assets and the financial highlights for the period
November 1, 2013 (commencement of operations) through October 31, 2014, in con-
formity with accounting principles generally accepted in the United States of America.
These financial statements and financial highlights (hereafter referred to as financial
statements) are the responsibility of the Funds management. Our responsibility is to
express an opinion on these financial statements based on our audit. We conducted our
audit of these financial statements in accordance with the standards of the Public Com-
pany Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a test ba-
sis, evidence supporting the amounts and disclosures in the financial statements, assess-
ing the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our audit, which
included confirmation of securities at October 31, 2014 by correspondence with the cus-
todian and brokers, provides a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 24, 2014
32
ALL-CAP FUND
OCTOBER 31, 2014
DISCLOSURE OF FUND EXPENSES (Unaudited)
All mutual funds have operating expenses. As a shareholder of a mutual fund, your in-
vestment is affected by these ongoing costs, which include (among others) costs for fund
management, administrative services, and shareholder reports like this one. It is im-
portant for you to understand the impact of these costs on your investment returns.
Operating expenses such as these are deducted from the mutual funds gross income and
directly reduce your final investment return. These expenses are expressed as a percent-
age of the mutual funds average net assets; this percentage is known as the mutual
funds expense ratio.
The following examples use the expense ratio and are intended to help you understand
the ongoing costs (in dollars) of investing in your Fund and to compare these costs with
those of other mutual funds. The examples are based on an investment of $1,000 made
at the beginning of the period shown and held for the entire period.
The table on the next page illustrates your Funds costs in two ways:
Actual Fund Return. This section helps you to estimate the actual expenses after fee
waivers that your Fund incurred over the period. The Expenses Paid During Period
column shows the actual dollar expense cost incurred by a $1,000 investment in the
Fund, and the Ending Account Value number is derived from deducting that expense
cost from the Funds gross investment return.
You can use this information, together with the actual amount you invested in the Fund,
to estimate the expenses you paid over that period. Simply divide your ending starting
account value by $1,000 to arrive at a ratio (for example, an $8,600 account value div-
ided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund
under Expenses Paid During Period.
Hypothetical 5% Return. This section helps you compare your Funds costs with
those of other mutual funds. It assumes that the Fund had an annual 5% return before
expenses during the year, but that the expense ratio (Column 3) for the period is un-
changed. This example is useful in making comparisons because the Securities and Ex-
change Commission requires all mutual funds to make this 5% calculation. You can
assess your Funds comparative cost by comparing the hypothetical result for your Fund
in the Expense Paid During Period column with those that appear in the same charts
in the shareholder reports for other mutual funds.
33
ALL-CAP FUND
OCTOBER 31, 2014
Note: Because the return is set at 5% for comparison purposes NOT your Funds ac-
tual return the account values shown may not apply to your specific investment.
Beginning Ending Expenses

Account Account Annualized Paid
Value Value Expense During
5/01/14 10/31/14 Ratios Period*
Actual Fund Return
Class A Shares $1,000.00 $ 862.10 1.34% $6.30
Class I Shares 1,000.00 862.40 1.10 5.16
Hypothetical 5% Return
Class A Shares $1,000.00 $1,018.44 1.34% $6.83
Class I Shares 1,000.00 1,019.67 1.10 5.59
* Expenses are equal to the Funds annualized expense ratio multiplied by the average account value over the
period, multiplied by 184/365 (to reflect the one-half period shown).
34
This page intentionally left blank.
ALL-CAP FUND
OCTOBER 31, 2014
TRUSTEES AND OFFICERS OF THE ADVISORS INNER CIRCLE FUND II (Unaudited)

Set forth below are the names, age, position with the Trust, length of term of office, and the princi-
pal occupations for the last five years of each of the persons currently serving as Trustees and Offi-
cers of the Trust. Trustees who are deemed not to be interested persons of the Trust are referred
to as Independent Board Members. Messrs. Nesher and Doran are Trustees who may be deemed
Position(s) Held
with the Trust Principal
Name, Address, and Length of Occupation(s)
Age1 Time Served2 During the Past 5 Years
INTERESTED
BOARD MEMBERS3,4
ROBERT NESHER Chairman of the SEI employee 1974 to present; currently performs
68 yrs. old Board of Trustees various services on behalf of SEI Investments for
(Since 1991) which Mr. Nesher is compensated. Vice Chairman
of the Advisors Inner Circle Fund III and OConnor
EQUUS. President and Director of SEI Structured
Credit Fund, LP. President and Chief Executive
Officer of SEI Alpha Strategy Portfolios, LP, June
2007 to September 2013. President and Director of
SEI Opportunity Fund, L.P. to 2010.
WILLIAM M. DORAN Trustee Self-Employed Consultant since 2003. Partner at

1701 Market Street (Since 1991) Morgan, Lewis & Bockius LLP (law firm) from 1976
Philadelphia, PA 19103 to 2003, counsel to the Trust, SEI Investments,
74 yrs. old SIMC, the Administrator and the Distributor.
INDEPENDENT
BOARD MEMBERS4
JOHN K. DARR Trustee Retired. CEO, Office of Finance, Federal Home
70 yrs. old (Since 2008) Loan Banks, from 1992 to 2007.
JOSEPH T. GRAUSE, JR. Trustee Self-employed consultant since January 2012.

62 yrs. old (Since 2011) Director of Endowments and Foundations,
Morningstar Investment Management, Morningstar,
Inc., February 2010 to May 2011; Director of
International Consulting and Chief Executive
Officer of Morningstar Associates Europe Limited,
Morningstar, Inc., May 2007 to February 2010.
1 Unless otherwise noted, the business address of each Trustee is SEI Investments Company, 1 Freedom Valley Drive, Oaks,
Pennsylvania 19456.
2 Each Trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or
until he or she sooner dies, resigns, or is removed in accordance with the Trusts Declaration of Trust.
3 Board Members oversee 40 funds in The Advisors Inner Circle Fund II.
4 Denotes Trustees who may be deemed to be interested persons of the Fund as that term is defined in the 1940 Act by virtue
of their affiliation with the Distributor and/or its affiliates.
36
ALL-CAP FUND
OCTOBER 31, 2014
to be interested persons of the Trust as that term is defined in the 1940 Act by virtue of their
affiliation with the Trusts Distributor. The Trusts Statement of Additional Information (SAI)
includes additional information about the Trustees and Officers. The SAI may be obtained
without charge by calling 1-855-887-4KGI. The following chart lists Trustees and Officers as
of October 31, 2014.
Other Directorships
Held by
Board Member5
Current Directorships: Trustee of The Advisors Inner Circle Fund, Bishop Street Funds, The KP Funds,
SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI
Institutional Managed Trust, SEI Liquid Asset Trust, SEI Asset Allocation Trust, SEI Tax Exempt
Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and The KP Funds.
President and Director of SEI Structured Credit Fund, L.P. Director of SEI Global Master Fund PLC,
SEI Global Assets Fund PLC, SEI Global Investments Fund PLC, SEI Investments Global Funds
Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe) Ltd., SEI Investments
Unit Trust Management (UK) Limited, SEI Multi-Strategy Funds PLC and SEI Global Nominee Ltd.
Former Directorships: Director of SEI Opportunity Fund, L.P. to 2010 and Director of the SEI
Alpha Strategy Portfolio LP to 2013.
Current Directorships: Trustee of The Advisors Inner Circle Fund, Advisors Inner Circle Fund III, Bishop
Street Funds, OConnor EQUUS, SEI Daily Income Trust, SEI Institutional International Trust, SEI
Institutional Investments Trust, SEI Institutional Managed Trust, SEI Liquid Asset Trust, SEI Asset Allocation
Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust
and The KP Funds. Director of SEI Investments (Europe), Limited, SEI Investments Global Funds Services,
Limited, SEI Investments Global, Limited, SEI Investments (Asia), Limited, SEI Global Nominee Ltd. and SEI
Investments Unit Trust Management (UK) Limited. Director of the Distributor since 2003. Chairman of the
Board of Trustees of The Advisors Inner Circle Fund III and OConnor EQUUS since 2014.
Former Directorships: Director of the SEI Alpha Strategy Portfolio LP to 2013.
Current Directorships: Trustee of The Advisors Inner Circle Fund, Bishop Street Funds and The
KP Funds. Director, Federal Home Loan Bank of Pittsburgh. Director, Manna, Inc. (non-profit
developer of affordable housing for ownership).
KP Funds. Director, The Korea Fund, Inc.
5 Directorships of Companies required to report to the securities and Exchange Commission under the Securities Exchange act of
1934 (i.e., public companies) or other investment companies under the 1940 act.
37
ALL-CAP FUND
OCTOBER 31, 2014
Position(s) Held
INDEPENDENT
BOARD MEMBERS3 (continued)
MITCHELL A. JOHNSON Trustee Retired. Private investor and self-employed
72 yrs. old (Since 2005) consultant (strategic investments) since 1994.
BETTY L. KRIKORIAN Trustee Vice President, Compliance, AARP Financial

71 yrs. old (Since 2005) Inc. from 2008-2010. Self-Employed Legal
and Financial Services Consultant since 2003.
BRUCE SPECA Trustee Global Head of Asset Allocation, Manulife Asset
58 yrs. old (Since 2011) Management (subsidiary of Manulife Financial),
June 2010 to May 2011; Executive Vice
President Investment Management Services,
John Hancock Financial Services (subsidiary of
Manulife Financial), June 2003 to June 2010.
GEORGE J. SULLIVAN, JR. Trustee Retired since January 2012. Self-employed
71 yrs. old Lead Independent Consultant, Newfound Consultants Inc. April
Trustee 1997 to December 2011.
(Since 1999)
OFFICERS
MICHAEL BEATTIE President Director of Client Service at SEI from 2004 to
49 yrs. old (Since 2011) 2011. Vice President at SEI from 2009 to
November 2011.
RAMI ABDEL-RAHMAN Treasurer, Director, SEI Investments, Fund Accounting
40 yrs. old Controller and since June 2014. Fund Accounting Director,
Chief Financial BNY Mellon from 2006 to 2014.
Officer
(since 2014)
Pennsylvania 19456.
2 Each Trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or
she sooner dies, resigns, or is removed in accordance with the Trusts Declaration of Trust.
38
ALL-CAP FUND
OCTOBER 31, 2014
Other Directorships
Held by
Board Members4
Current Directorships: Trustee of The Advisors Inner Circle Fund, The KP Funds, Bishop Street
Funds, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust,
SEI Institutional Managed Trust, SEI Institutional Investments Trust, SEI Liquid Asset Trust, SEI
Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust
and The KP Funds. Director, Federal Agricultural Mortgage Corporation (Farmer Mac) since 1997.
Former Directorships: Director of the SEI Alpha Strategy Portfolio LP to 2013.

KP Funds.
KP Funds.
Current Directorships: Trustee/ Director of State Street Navigator Securities Lending Trust, The
Advisors Inner Circle Fund, Bishop Street Funds, SEI Structured Credit Fund, LP, SEI Daily
Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI
Institutional Managed Trust, SEI Liquid Asset Trust, SEI Asset Allocation Trust, SEI Tax Exempt
Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and The KP
Funds; Member of the independent review committee for SEIs Canadian-registered mutual funds.
Former Directorships: Director of SEI Opportunity Fund, L.P. to 2010, Director of the SEI Alpha
Strategy Portfolio LP to 2013.
None.
None.
4 Directorships of Companies required to report to the securities and Exchange Commission under the Securities Exchange act of
1934 (i.e., public companies) or other investment companies under the 1940 act.
39
ALL-CAP FUND
OCTOBER 31, 2014
Position(s) Held
OFFICERS3(continued)
RUSSELL EMERY Chief Compliance Chief Compliance Officer of SEI Structured
51 yrs. old Officer Credit Fund, LP since 2007. Chief
(Since 2006) Compliance Officer of SEI Opportunity Fund,
L.P., SEI Institutional Managed Trust, SEI
Asset Allocation Trust, SEI Institutional
International Trust, SEI Institutional
Investments Trust, Daily Income Trust, SEI
Liquid Asset Trust, Tax Exempt Trust, The
Advisors Inner Circle Fund , The Advisors
Inner Circle Fund II and Bishop Street Funds
since 2006; Adviser Managed Trust since
2010, New Covenant Funds since 2012; SEI
Insurance Products Trust and The KP Funds
since 2013; The Advisors Inner Circle Fund
III and OConnor EQUUS since 2014.
DIANNE M. DESCOTEAUX Vice President Counsel at SEI Investments since 2010.
37 yrs. old and Secretary Associate at Morgan, Lewis & Bockius LLP
(Since 2011) from 2006 to 2010.
JOHN Y. KIM Vice President Attorney, SEI Investments Company (2014-
33 yrs. old and Secretary present). Associate, Stradley Ronon Stevens &
(Since 2014) Young, LLP (2009-2014)
EDWARD McCUSKER Privacy Officer SEIs Private Banking 2008-2010. AML SEI
30 yrs. old (Since 2013) Private Trust Company 2010-2011. AML
AML Officer Manager of SEI Investments 2011-2013. AML
(Since 2013) and Privacy Officer 2013.
JOHN MUNCH Vice President and Attorney at SEI Investments Company since
43 yrs. old Assistant Secretary 2001.
(since 2012)
LISA WHITTAKER Vice President and Attorney, SEI Investments Company (2012-
36 yrs. old Assistant Secretary present). Associate Counsel, The Glenmede
(since 2013) Trust Company (2011-2012).Associate,
Drinker Biddle & Reath LLP (2006-2011).
Pennsylvania 19456.
2 Each Trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until
he or she sooner dies, resigns, or is removed in accordance with the Trusts Declaration of Trust.
40
ALL-CAP FUND
OCTOBER 31, 2014
Other
Directorships
Held by
Officer
None.
None.
None.
None.
None.
None.
41
ALL-CAP FUND
OCTOBER 31, 2014
NOTICE TO SHAREHOLDERS (Unaudited)
For shareholders that do not have an October 31, 2014, tax year end, this notice is for
informational purposes only. For shareholders with an October 31, 2014, tax year end,
please consult your tax advisor as to the pertinence of this notice. For the period ended
October 31, 2014, the Fund is designating the following items with regard to dis-
tributions paid during the year.
Dividends
Qualifying
for Corporate Qualified
Long Term Ordinary Dividend Qualifying U.S. Interest Short-Term
Capital Gain Income Total Receivable Dividend Government Related Capital Foreign Tax
Distribution Distributions Distributions Deduction(1) Income(2) Interest(3) Dividends(4) Gain(5) Credit(6)
0.00% 100.00% 100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 98.32%
(1) Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and are
reflected as a percentage of ordinary Income distributions (the total of short term capital gain and net
investment income distributions).
(2) The percentage in this column represents the amount of Qualifying Dividend Income as created by the Jobs
and Growth Relief Reconciliation Act of 2003 and its reflected as a percentage of ordinary income
distributions (the total of short term capital gain and net investment income distributions). It is the intention
of each of the aforementioned funds to designate the maximum amount permitted by law.
(3) U.S. Government Interest represents the amount of interest that was derived from U.S. Government
obligations and distributed during the fiscal year. This amount is reflected as a percentage of total ordinary
income distributions (the total of short term capital gain and net investment income distributions).
(4) The percentage in this column represents the amount of Interest Related Dividend is reflected as a
percentage of ordinary income distribution. Interest related dividends is exempted from U.S. withholding tax
when paid to foreign investors.
(5) The percentage of this column represents the amount of Short Term Capital Gain Dividend is reflected as a
percentage of short term capital gain distribution withholding tax when paid to foreign investors.
(6) The percentage in this column represents the amount of Qualifying Foreign Taxes as a percentage of
ordinary distributions during the fiscal year ended October 31, 2014. The Fund intends to pass through a
Foreign Tax Credit to shareholders for fiscal year ended 2014. The total amount of foreign source income is
$11,278,261. The total amount of foreign tax paid is $1,354,878. Your allocable share of the foreign tax
credit will be reported on form 1099-DIV.
The information reported herein may differ from the information and distributions taxable to the
shareholders for the calendar year ending December 31, 2014. Complete information will be
computed and reported in conjunction with your 2014 Form 1099-DIV.
42
NOTES
NOTES
NOTES
Kopernik Global All-Cap Fund
P.O. Box 219009
Kansas City, MO 64121-9009
855-887-4KGI
Adviser:
Kopernik Global Investors, LLC.
Two Harbour Place
302 Knights Run Avenue, Suite 1225
Tampa, Florida 33602
Distributor:
SEI Investments Distribution Co.
One Freedom Valley Drive
Oaks, PA 19456
Administrator:
SEI Investments Global Funds Services
One Freedom Valley Drive
Oaks, PA 19456
Legal Counsel:
Morgan, Lewis & Bockius LLP
1701 Market Street
Philadelphia, PA 19103
This information must be preceded or accompanied by a current

prospectus for the Fund described.
KGI-AR-001-0100

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The Advisors Inner Circle Fund II

Kopernik Global All-Cap Fund

Management Discussion of Fund Performance . . . . . . . . . . . . . . . . . . . . . 4

Statement of Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

Statement of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

Report of Independent Registered Public Accounting Firm . . . . . . . . . . . 32

Disclosure of Fund Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

Trustees and Officers of The Advisors Inner Circle Fund II . . . . . . . . . . 36

Dear Fellow Shareholders:

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

Definition of Comparative Index

Growth of a $10,000 Investment

CLASS I SHARES MSCI ALL COUNTRY WORLD INDEX

* Commenced operations on November 1, 2013.

SECTOR WEIGHTINGS (Unaudited)

Percentages based on total investments.

The accompanying notes are an integral part of the financial statements.

COMMON STOCK continued

The accompanying notes are an integral part of the financial statements.

COMMON STOCK continued

The accompanying notes are an integral part of the financial statements.

COMMON STOCK continued

The accompanying notes are an integral part of the financial statements.

COMMON STOCK continued

UNITED STATES continued

Global X Silver Miners ETF . . . . . . . . . . . . . . . . . . 533,454 4,619,712

The accompanying notes are an integral part of the financial statements.

SEI Daily Income Trust, Government Fund, 0.020%

* Non-income producing security.

The accompanying notes are an integral part of the financial statements.

Investments in Securities Level 1 Level 2 Level 3 Total

The accompanying notes are an integral part of the financial statements.

The following is a reconciliation of the investments in which significant unobservable inputs

Common Stock Convertible Bond Warrants Rights

Amounts designated as are either $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

STATEMENT OF ASSETS AND LIABILITIES

The accompanying notes are an integral part of the financial statements.

* Commenced operations on November 1, 2013.

The accompanying notes are an integral part of the financial statements.

STATEMENT OF CHANGES IN NET ASSETS

* Commenced operations on November 1, 2013.

The accompanying notes are an integral part of the financial statements.

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13.10)%

Ratios and Supplemental Data

* Commenced operations November 1, 2013.

The accompanying notes are an integral part of the financial statements.

FINANCIAL HIGHLIGHTS concluded

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12.89)%

Ratios and Supplemental Data

* Commenced operations November 1, 2013.

The accompanying notes are an integral part of the financial statements.

NOTES TO FINANCIAL STATEMENTS

2. Significant Accounting Policies:

Use of Estimates The Fund is an investment company in conformity with ac-

Security Valuation Securities listed on a securities exchange, market or auto-

For securities that principally trade on a foreign market or exchange, a significant

Level 1 Unadjusted quoted prices in active markets for identical, unre-

Convertible Bonds . . 9,591,330 Market Quote Broker Quote N/A

Warrants . . . . . . . . . . 747,388 Market Quote Broker Quote N/A

Federal Income Taxes It is the Funds intention to qualify as a regulated

Security Transactions and Investment Income Security transactions are ac-